$BTC $ETH
Are Bitcoin and Ethereum at risk after a billion-dollar hack?
Despite the large-scale attack, prices did not fall as much as one might expect - even on a bad day for risk assets; why?
The hack on the cryptocurrency brokerage Bybit shook the sector this Friday (21), after almost US$ 1.5 billion was drained from the platform's coffers – the largest amount ever stolen in digital assets. The incident raised concerns among investors about the security of cryptocurrencies and the possible impact on the market. However, this fear has not yet translated into prices.
In the last 24 hours, Bitcoin (BTC) fell 3.5% and Ethereum (ETH), the hacker's main target, fell 4%, numbers that, although representative, are not considered extreme for the crypto market. For comparison purposes, the S&P 500 fell 1.7% on the day, indicating that risk assets, in general, are facing a down day.
“I think it is wrong to attribute today’s drop to the hack. [The drop] reflects the macro scenario a lot, the S&P is falling sharply. The [US] consumer confidence data came in low, and inflation estimates for 10 years have risen. The hack may have had an influence, but it is [at most] a mix of both,” explains Theodoro Fleury, manager and investment director at QR Asset.
